OSLO (dpa-AFX) - Norsk Hydro ASA (NHYDY.PK, NHYKF.PK), a Norwegian aluminium and renewable energy firm, reported Friday significantly higher profit in its third quarter, mainly with increased revenues amid higher prices.
In the third quarter, net income attributable to Hydro shareholders surged to 5.378 billion Norwegian kroner from last year's 2.194 billion kroner.
Earnings per share were 2.73 kroner, up from 1.12 kroner a year ago.
Adjusted earnings per share increased to 2.3 kroner in the third quarter from 1.0 kroner last year.
Earnings before financial items and tax or EBIT were 5.915 billion kroner, higher than 3.491 billion kroner in the prior year.
Hydro's adjusted EBITDA was 9.089 billion kroner, up from 5.996 billion kroner in the same quarter last year.
The company attributed the growth to higher all-in metal prices and higher alumina prices, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, and increased energy costs in Bauxite & Alumina due to gas supply disruptions, among others.
Total revenue and income increased to 53.240 billion kroner from 51.993 billion kroner last year. Revenue was 52.128 billion kroner, up from 50.546 billion kroner in the previous year.
Further, Hydro has updated its year-end capex guiding to around 12.5 billion kroner, down from 13.5 billion kroner, and net working capital guiding to around 32 billion kroner, up from 30 billion kroner.
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